Rescue plan for four Italy’s banks approved

Intesa Sanpaolo, UniCredit and Ubi Banca have all contributed to a rescue fund for Banca delle Marche, Banca Popolare dell’Etruria e del Lazio, Cassa di Risparmio della Provincia di Chieti and Cassa Di Risparmio di Ferrara.

The fund covered the banks’ debt of €1.7bn and invested €1.8bn capital in the new bridge banks.

In a statement, Intesa Sanpaolo said it made a loan of €780m, which will be repaid in December 2015 and another short-term loan for an amount of approximately €550m.

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